Richard Poirier is CEO of Church Mutual Insurance, which focuses primarily on the risks of faith-based ministries, as well as public schools, assisted living facilities, non-profits and secular and religious camps. Mr. Poirier points out some risks to physical plants of social service facilities, including workplace violence, active shooters, cyber security, and the unpredictable weather.
According to Mr. Poirier, flood and storm surge are particularly difficult risks today. Hurricane Matthew, for instance, caused flooding in places that normally do not flood. He is also concerned that many carriers selling cyber insurance do not know what they are covering.
Looking ahead, Mr. Poirier sees the market for religious-based insurance will be fairly flat for the next five to ten years. However, he believes the baby boom generation will have a great impact on what Church Mutual will focus on going forward. He sees a “rebirth in Church attendance…growing as baby boomers and immigration patterns continue.” He sees opportunity in assisted living as the population ages, and in not-for-profits as government programs and school budgets are cut.
For more from the 2016 PCI meeting in Dallas, visit the WRIN.tv On Demand Library.